AT&T Inc. $T Position Reduced by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. decreased its position in shares of AT&T Inc. (NYSE:T) by 8.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 41,492 shares of the technology company’s stock after selling 3,823 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in AT&T were worth $1,201,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CHURCHILL MANAGEMENT Corp raised its holdings in AT&T by 1.5% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 324,104 shares of the technology company’s stock worth $9,380,000 after purchasing an additional 4,793 shares in the last quarter. Capstone Wealth Management LLC acquired a new position in AT&T in the first quarter worth approximately $201,000. ASR Vermogensbeheer N.V. grew its position in AT&T by 1.4% in the second quarter. ASR Vermogensbeheer N.V. now owns 722,568 shares of the technology company’s stock worth $20,910,000 after buying an additional 9,970 shares during the last quarter. Wedmont Private Capital grew its position in AT&T by 7.9% in the first quarter. Wedmont Private Capital now owns 123,247 shares of the technology company’s stock worth $3,302,000 after buying an additional 9,027 shares during the last quarter. Finally, Xponance Inc. grew its position in AT&T by 10.2% in the first quarter. Xponance Inc. now owns 1,109,933 shares of the technology company’s stock worth $31,389,000 after buying an additional 102,419 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

Analysts Set New Price Targets

T has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on shares of AT&T from $31.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Citigroup reiterated a “buy” rating on shares of AT&T in a research report on Tuesday, August 26th. Sanford C. Bernstein lifted their price objective on shares of AT&T from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, September 4th. Morgan Stanley lifted their price objective on shares of AT&T from $31.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 16th. Finally, UBS Group set a $33.00 price objective on shares of AT&T in a research report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.74.

AT&T Stock Up 0.2%

AT&T stock opened at $27.06 on Friday. The firm has a market cap of $193.49 billion, a price-to-earnings ratio of 15.38, a P/E/G ratio of 3.46 and a beta of 0.42. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76. AT&T Inc. has a fifty-two week low of $21.05 and a fifty-two week high of $29.79. The firm has a fifty day moving average price of $28.60 and a two-hundred day moving average price of $27.91.

AT&T (NYSE:T) last released its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The firm had revenue of $30.85 billion during the quarter, compared to analyst estimates of $30.44 billion. During the same quarter in the previous year, the business earned $0.51 EPS. The business’s revenue was up 3.4% on a year-over-year basis. As a group, analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.2775 per share. The ex-dividend date is Friday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.1%. AT&T’s payout ratio is presently 63.07%.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.